Regional growth and unemployment in the medium run: asymmetric cointegrated Okun’s Law for UK regions

Silvia Palombi, Roger Perman and Christophe Tavera ()
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Silvia Palombi: University of Strathclyde [Glasgow]

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Abstract: This paper tests for the presence of a long run asymmetric Okun's Law relationship between regional output and regional unemployment rate in U.K. regions. The existence of cointegration is tested with a panel data version of the hidden cointegration technique suggested by Granger and Yoon. A novelty of the paper is to combine the method of hidden cointegration with a panel data method of removing crosssectional dependence. The long run Okun relationship for regions in the U.K. appears to confirm results found elsewhere in the literature on countries as a whole, although the coefficients tend to be smaller.

Keywords: Okun’s Law; hidden cointegration; panel cointegration; regional growth; regional unemployment (search for similar items in EconPapers)
Date: 2015-07
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Published in Applied Economics, 2015, 47 (57), pp.6228-6238. ⟨10.1080/00036846.2015.1068922⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01183238

DOI: 10.1080/00036846.2015.1068922

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